Net Income of $1.3 million, which is a 21% increase over Q4/2013 and includes a $0.469 million and $0.011 million net fair value adjustment for the real estate portfolio and marketable securities, respectively;

0.3% increase in base rent over Q4/2013;

Strong 91.9% occupancy;

Net rent per square foot increased by 0.3% to $7.74 per square foot over Q4/2013;

Announced the completion of a non-brokered private placement of Trust Units. 1,376,780 trust units were issued at $5.30 per Trust Unit for gross proceeds of $7.3 million; and

Conservative 41.8% debt / gross book value; which is a significant decline over the 49.5% reported at Q4/2013, due to the utilization of net proceeds raised from the non-brokered private placement.

FINANCIAL HIGHLIGHTSRental revenue for the three months ended March 31, 2014 was $2,015,208 in comparison to the $2,265,159 reported for the three months ended December 31, 2013 and the $814,461 reported for the three months ended March 31, 2013. NOI for the three months ended March 31, 2014 was $1,219,538, in comparison to the $1,266,373 reported for the three months ended December 31, 2013 and $523,205 reported for the three months ended March 31, 2013. On a cash basis (i.e. excluding straight-line rent which is a non-cash item), NOI for the three months ended March 31, 2014 was $1,198,624, in comparison to the $1,210,415 reported for the three months ended December 31, 2013 and $523,205 reported for the three months ended March 31, 2013.

For the three months ended March 31, 2014, Stabilized FFO was $0.115 per Unit while Stabilized AFFO was $0.099 per Unit. Stabilized FFO and AFFO payout ratios are 80% and 93%, respectively.

Q1/2014

Q4/2013

Q1/2013

Rental Revenue

$ 2,015,208

$ 2,265,159

$ 814,461

Net Operating Income (NOI) - IFRS Basis

$ 1,219,538

$ 1,266,373

$ 523,205

Net Operating Income (NOI) - Cash Basis

$ 1,198,624

$ 1,210,415

$ 523,205

EBITDA

$ 1,088,328

$ 923,818

$ 518,379

Stabilized Funds From Operations (FFO)

$ 801,756

$ 585,254

$ 362,506

Stabilized Adjusted Funds From Operations (AFFO)

$ 689,491

$ 597,546

$ 329,033

Stabilized FFO Per Unit

$ 0.115

$ 0.104

$ 0.083

Stabilized AFFO Per Unit

$ 0.099

$ 0.106

$ 0.075

Distributions Per Unit

$ 0.092

$ 0.089

$ 0.088

Stabilized FFO Payout Ratio

80%

86%

106%

Stabilized AFFO Payout Ratio

93%

84%

117%

Occupancy by Property Type

Net Lease Convenience Retail

96.5%

96.5%

Core Service Provider Office

96.6%

98.7%

Industrial Portfolio

90.6%

90.8%

Total Occupancy

91.9%

92.2%

Net Rent PSF by Property Type

Net Lease Convenience Retail

$ 19.12

$ 19.09

Core Service Provider Office

$ 13.96

$ 13.91

Industrial Portfolio

$ 4.54

$ 4.50

Weighted Average Net Rent PSF

$ 7.74

$ 7.72

The sequential variance in the Stabilized AFFO per unit and Stabilized AFFO payout ratio over the three months December 31, 2013 is largely due to lower G&A and finance costs, offset by slightly lower NOI and interest income as well as marginal dilution from the $7.3 million issuance of trust units as outlined below. Once the existing cash on the Trust's balance sheet is fully deployed into accretive acquisitions, the Trust anticipates Stabilized AFFO per unit to increase while the Stabilized AFFO payout ratio to decline.

PROPERTY PORTFOLIO HIGHLIGHTSThe Trust's property portfolio consists of 30 properties with a total Gross Leasable Area ("GLA") of 671,798 square feet (668,740 square feet of Net Leasable Area). The portfolio is well diversified across geographies with 40% of the NOI generated from Ontario, 44% from Quebec and 16% from Nova Scotia. The portfolio is equally diversified across asset classes with 44% of NOI generated from Net Lease Convenience Retail, 44% from Industrial and 12% from Core Service Provider Office.

TENANT DIVERSIFICATIONThe portfolio is well diversified by tenant profile with no tenant accounting for more than 5.4% of total net rent. Further, the top 10 tenants are largely comprised of credit worthy and large national tenants and account for 33.0% of total net rent and 21.1% of total NLA.

DURATION MATCHED DEBT & LEASE MATURITY PROFILEThe current portfolio has a weighted average lease term to maturity of 4.0 years, which is duration matched with mortgage debt with a weighted average term to maturity of 4.3 years.

OCCUPANCY & NET RENTSFor Q1/2014, occupancy was 91.9%, largely in line with the 92.2% reported at Q4/2013. Net rent per square foot increased by 0.3% to $7.74 per square foot over Q4/2013.

CAPITAL RAISING ACTIVITYOn January 27, 2014 and February 7, 2014, the Trust closed the first and second tranches of its previously announced private placement of Trust Units. The gross proceeds raised by the Trust were approximately $7.3 million at a subscription price of $5.30 per Trust Unit.

DISTRIBUTIONS FOR JULY, AUGUST AND SEPTEMBER 2014The Trust is also pleased to announce monthly cash distributions of $0.030833 per Trust unit for the months of July, August and September, 2014. These distributions will be paid on or about August 15, 2014, September 15, 2014 and October 15, 2014 to unitholders of record at the close of business on July 31, 2014; August 29, 2014; and September 30, 2014, respectively.

The policy of FCPT is to pay cash distributions on or about the 15th day of each month to Unitholders of record on the last business day of the preceding month. Distributions paid to Unitholders who are non-residents of Canada will be subject to Canadian withholding tax.

DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLANThe Trust has in place a Distribution Reinvestment Plan ("DRIP") and Unit Purchase Plan (the "Plan"). Under the terms of the DRIP, FCPT's Unitholders may elect to automatically reinvest all or a portion of their regular monthly distributions in additional Units, without incurring brokerage fees or commissions. Under the terms of the Plan, FCPT's Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or Plan to date and own approximately 10% of the issued and outstanding trust units of the Trust.

For the complete financial statements and Management's Discussion & Analysis for the period, please visit www.sedar.com or the Trust's website at www.firmcapital.com

ABOUT FIRM CAPITAL PROPERTY TRUSTFirm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust's plan is to co-own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional space. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust, will source, syndicate and participate in investments.

FORWARD LOOKING INFORMATIONThis press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust regarding, among other things, the use of the net proceeds from the Offering, the closing of the Offering, and the closing of the Acquisition. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.